MONEY & BANKING
PENSION PLANS
RBI plans cess to help States pay pensions
THE Reserve Bank of India (RBI) is contemplating a dedicated pension fund, which would be floated through a levy on existing employees. The apex bank is of the view that the proposed State Pension Fund would partially meet the pension burden of ...
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FOREX
Rupee breaches 45; securities weak
MUMBAI: The rupee breached the 45-mark on Wednesday to close at 44.97/99 against the dollar, up from Tuesday's close of 45.02/03. There was heavy dollar supply in the market, said dealers. The public sector banks and the corporates were ...
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NBFCS
Prior RBI approval must for NBFC-bank merger
THE Reserve Bank of India has said that its approval should be obtained before initiating steps to merge a NBFC with a bank. In a circular addressed to all scheduled commercial banks, the RBI has said, "With regard to amalgamation/merger of a ...
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RNBCs: High time RBI stepped in
Though the Report does not name the two majors, many believe the reference is to Peerless General Finance & Investment Company Ltd and Sahara India Financial Corporation Ltd, registered as RNBCs with the RBI.
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HOUSING FINANCE
Housing scheme launched in Kerala
THIRUVANANTHAPURAM: The Minister for Local Self-Government, Mr Cherkalam Abdulla, has launched the `Bhavanasree' housing scheme of State Bank of India at a function at Anchal in Kollam district. Bhavanasree is a housing scheme with ...
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LIFE INSURANCE
IRDA cautions insurers on bonus practices
THE Insurance Regulatory and Development Authority (IRDA) has cautioned life insurance companies against the practice of declaring bonus to policyholders except out of an actuarial surplus following valuation. In a circular to the life ...
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GENERAL INSURANCE
ONGC may start its own insurance outfit
INSURANCE companies are about to lose their biggest client in the country. Oil and Natural Gas Corporation (ONGC) is planning a set-up of its own to take care of its insurance needs, a top ONGC official said. "We have accepted a suggestion to ...
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Climate changes could impact business practices
THE Hollywood flick The day after tomorrow, set against the backdrop canvas of global warming, playing at a nearby theatre, could be a racy entertainer with special effects. But in real life too, climatic change is no more a marginal issue ...
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PRIVATE BANKS
e-mail fraud on ICICI Bank customers
The ICICI Bank spokesman said the bank had alerted the cyber crime cells about the spam mails. But the origin of the spam mail had not been traced.
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PUBLIC SECTOR BANKS
New GM for SBT
THIRUVANANTHAPURAM: State Bank of Travancore (SBT) has announced the appointment of Mr K.K. Chattopadhyay as General Manager of the bank's Commercial, Institutional and International Banking wing. Prior to this appointment, he has ...
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IOB to pay 8 pc final
TRADE & LABOUR UNIONS
KSFE officers' demands
THIRUVANANTHAPURAM: Officers of the Kerala State Financial Enterprises (KSFE) owing allegiance to the Officers Union observed `Demands Day' on Tuesday. Various demands, including a better pension scheme in the place of the PF pension ...
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NEW PRODUCTS & SERVICES
IOB offers remittances via Net from US
INDIAN Overseas Bank on Wednesday launched a product that enables one send money from the US to India via the Internet. The sender has to register himself on the IOB Web site, which is free-of-cost. Then, as he sends money to India, his bank ...
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Cross Currency Rates
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